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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The following table presents share-based compensation expense:

Year		Share-Based Compensation Expense				Tax Benefit
2017		$	40.4			$	13.6
2018		44.7				11.2
2019		49.9				8.2

Schedule of Transactions in the Company's Restricted Stock

Restricted Stock

The following table summarizes transactions in the Company’s restricted stock units:

	Restricted Stock Units			Weighted Average Grant Date Value
Unvested units—December 31, 2018	0.6			$	172.74
Units granted	0.7			98.48
Units vested	(0.2	)		168.95
Units forfeited	(0.0	)		145.59
Unvested units—December 31, 2019	1.1			123.70

Schedule of Transactions in the Company's Stock Options

The following table summarizes transactions in the Company’s stock options:

	Stock  Options			Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding—December 31, 2018	0.5			$	130.81
Options granted	1.9			74.90
Options exercised	(0.0	)		71.49
Options forfeited	(0.1	)		121.94
Unexercised options outstanding—December 31, 2019	2.3			85.58				6.0
Exercisable at December 31, 2019	0.4			131.50				3.0

Schedule of Assumptions Used to Determine Fair Value of Options Granted

The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows:

	For the Years Ended December 31,
	2017			2018			2019
Dividend yield	0.5	%		0.8	%		1.7	%
Expected volatility(1)	28.0	%		25.5	%		29.4	%
Risk-free interest rate(2)	2.1	%		2.8	%		1.5	%
Expected life of stock options (in years)(3)	5.7			5.7			5.7
Forfeiture rate	0.0	%		0.0	%		0.0	%

__________________________

⁽¹⁾  Expected volatility is based on historical and implied volatility.

⁽²⁾  Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.

⁽³⁾ 

Expected life of options (in years) is based on the Company’s historical and expected exercise behavior.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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